Daily Archives: August 4, 2016

Interest Subvention Scheme -Union Budget – 2016-17 : RBI Guidelines

By | August 4, 2016

RBI/2016-17/32 FIDD.CO.FSD.BC.No 9/05.02.001/2016-17 August 4, 2016 To, The Chairman / Managing Director All Public & Private Sector Scheduled Commercial Banks Dear Sir/Madam Union Budget – 2016-17 Interest Subvention Scheme As directed by the Government of India and in pursuance of the budget announcement relating to the Interest Subvention Scheme 2016-17 (the Scheme) it is advised… Read More »

Dishonour of cheques – RBI Modified procedure

By | August 4, 2016

RBI/2016-17/33 DBR.No.Leg.BC.3/09.07.005/2016-17 August 04, 2016 All Scheduled Commercial Banks (Including RRBs) Dear Sir/ Madam, Dishonour of cheques – Modification in procedure Please refer to our circular DBOD.BC.Leg.No.113/09.12.001/2002-03 dated June 26, 2003 and paragraph 11.4 (i) of RPCD.CO.RRB.BC.No.100/03.05.33/2013-14 dated May 12, 2014 wherein banks were advised to introduce a condition for operation of accounts with cheque… Read More »

RBI Guidelines on Ind AS for All-India Term Lending and Refinancing Institutions(AIFIs)

By | August 4, 2016

RBI/2016-17/34 RBI/2016-17/DBR.FID.No. 1/01.02.000/2016-17 August 04, 2016 All India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI) Madam / Dear Sir, Implementation of Indian Accounting Standards (Ind AS) The Ministry of Corporate Affairs (MCA), Government of India has notified the Companies (Indian Accounting Standards) Rules, 2015 on February 16, 2015. A reference is also invited to… Read More »

GST Next Steps : Govt. Roadmap to GST

By | August 4, 2016

GOODS AND SERVICES TAX THE ROADMAP TO GST (Extracts from Presentation of Revenue Secretary’s of Govertment of India ) • Establishment of Legal Framework • Preparation of IT infrastructure • Change Management: • Training of Officials and Staff • Outreach and Consultation with trade and industry • Target date of GST Roll Out: 1st April 2017… Read More »

ARTICLE 268A omitted after Constitution 101st Amendment Bill 2016

By | August 4, 2016

ARTICLE 268A  [AS AMENDED BY THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) BILL, 2016 AS PASSED BY RAJYA SABHA ON 3RD AUGUST, 2016] ARTICLE 268A Service tax levied by Union and collected and appropriated by the Union and the States. 268A. 2 [Omitted by the Constitution (One Hundred and First Amendment) Bill, 2016.]   2. Prior to… Read More »

Article 250 after Constitution 101st Amendment Bill 2016

By | August 4, 2016

ARTICLE 250  [AS AMENDED BY THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) BILL, 2016 AS PASSED BY RAJYA SABHA ON 3RD AUGUST, 2016] ARTICLE 250 Power of Parliament to legislate with respect to any matter in the State List if a Proclamation of Emergency is in operation. 250. (1) Notwithstanding anything in this Chapter, Parliament shall, while… Read More »

Article 249 after Constitution 101st Amendment Bill 2016

By | August 4, 2016

ARTICLE 249  [AS AMENDED BY THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) BILL, 2016 AS PASSED BY RAJYA SABHA ON 3RD AUGUST, 2016]  ARTICLE 249 Power of Parliament to legislate with respect to a matter in the State List in the national interest. 249. (1) Notwithstanding anything in the foregoing provisions of this Chapter, if the Council… Read More »

Article 246A after Constitution 101st Amendment Act 2016

By | August 4, 2016

Article 246A of Constitution of India 1950 ( Article 246A Inserted by the Constitution (One Hundred and First Amendment) Act, 2016, w.e.f. 16-9-2016. ) Article – 246A After Constitution (One Hundred and First Amendment) Act  2016 Special provision with respect to goods and services tax. 246A. (1) Notwithstanding anything contained in articles 246 and 254, Parliament, and,… Read More »

Relevant provisions of Constitution after Constitution 101st Bill 2016

By | August 4, 2016

RELEVANT PROVISIONS OF CONSTITUTION OF INDIA [AS AMENDED BY THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) BILL, 2016 AS PASSED BY RAJYA SABHA ON 3RD AUGUST, 2016] ARTICLE 246A 1 [Special provision with respect to goods and services tax. 246A.(1) Notwithstanding anything contained in articles 246 and 254, Parliament, and, subject to clause (2), the… Read More »

Constitution (101st Amendment) Bill 2016

By | August 4, 2016

CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) BILL, 2016  [As passed by Rajya Sabha on 3rd August, 2016.]  [ Constitution 101st Amendment Bill 2016 ] A Bill further to amend the Constitution of India. BE it enacted by Parliament in the Sixty-seventh Year of the Republic of India as follows:— [Related Post Download Constitution One Hundred & First… Read More »

Report of Parliamentary Standing Committee on Finance on Constitution (115th )Amendment Bill 2011- GST

By | August 4, 2016

SEVENTY THIRD REPORT OF PARLIAMENTARY STANDING COMMITTEE ON FINANCE (2012-13) ON CONSTITUTION (ONE HUNDRED FIFTEENTH AMENDMENT) BILL, 2011 PRESS RELEASE, DATED 7-8-2013 COMPOSITION OF STANDING COMMITTEE ON FINANCE (2012-13) Shri Yashwant Sinha – Chairman MEMBERS LOK SABHA 2. Shri Suvendu Adhikari 3. Dr. Baliram 4. Shri Sudip Bandyoypadhyay* 5. Shri Udayanraje Bhonsle 6. Shri Nishikant… Read More »

Interest Subvention Scheme to Boost Exports

By | August 4, 2016

Interest Subvention Scheme to Boost Exports The Government has introduced the Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit w.e.f. 01.04.2015 for 5 years. The scheme has been notified vide RBI circular No. 62 dated 04.12.2015. The scheme is available to all exports by manufacturers under 416 specified tariff lines [at ITC… Read More »

Govt approves formula to provide production subsidy to sugar mills

By | August 4, 2016

Cabinet approves formula to provide production subsidy to sugar mills The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has decided to extend production subsidy to sugar mills which achieve expected performance in respect of export of sugar and supply of ethanol. This has been done to offset cost of… Read More »

Huge Penalties proposed under Motor Vehicle Amendment Bill 2016 by Govt

By | August 4, 2016

Cabinet approves Motor Vehicle (Amendment) Bill 2016 Historical Step towards making roads safe and save lakhs of innocent lives The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for Motor Vehicle (Amendment) Bill 2016.  The Amendment aims to improve Every year 5 lakh road accidents are reported in the… Read More »

Govt approved Spectrum Usage Charge for spectrum in various bands

By | August 4, 2016

Cabinet approves Spectrum Usage Charge for the spectrum in various bands held by various operators or to be acquired by them in forthcoming auction The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved the rates for Spectrum Usage Charge (SUC) for various bands of spectrum for which auction are going to… Read More »

Nidhi Companies : Introduction

By | August 4, 2016

INCORPORATION OF NIDHI COMPANIES  The Dictionary Meaning of Nidhi in Indian Context “In the Indian context / language means “TREASURE”. However, in the Indian financial sector it refers to any mutual benefit society notified by the Central / Union Government as a Nidhi Company. Nidhi Companies are created mainly for cultivating the habit of thrift… Read More »